Deed Of Mortgage By Conditional Sale Deeds Mortgages And Pledges 1632 - Legal Draft

............Residing at ............hereinafter called the mortgagee (which term shall include his heirs, successors, executors, administrators and assigns) of the other part witnesses that in consideration of the sum of Rs ............paid to the mortgagor by the mortgagee (the receipt whereof the mortgagor hereby acknowledges) the mortgagor does hereby grant, transfer, convey, assign and assure to the mortgagee all that etc. To Have and to Hold the same absolutely and for ever subject to the condition hereby expressly declared, namely, that if and when the mortgagor shall repay or cause to be repaid the said sum of Rs .............. with interest thereon at the rate of ......... per cent per annum on or before ........... day of ........... time for which purpose shall be deemed as essence of contract then and in such an event the sale hereby effected shall stand void and shall be of no effect to all intents and purposes and the mortgagee shall at the costs of the mortgagor reconvey and retransfer the said property and every part thereof as then existing to the mortgagor provided, however, that if the mortgagor shall fail and/or neglect to repay the said sum with interest at the said rate on or before the said date, or any portion thereof the sale hereby effected shall become absolute and the mortgagee shall be entitled to foreclose the mortgage when and in such an event the mortgagee shall be the absolute owner of the property freed and discharged from all right of equity of redemption of the mortgagor, and it is hereby further agreed and declared that notwithstanding anything hereinbefore contained the mortgagor shall remain in possession of the said property and pay all rents, cess, taxes, rates and other impositions which are now or may hereafter be imposed on the said property and in case the mortgagor fails and/or neglects to make such payments on or before the due date of payments therefor, the mortgagee shall be at liberty to pay the same and add such sum or sums to the principal money hereby secured which shall carry interest at the aforesaid rate. And that the mortgagor does hereby covenant with the mortgagee that he has good title to the property and absolute authority and power to transfer the same in the manner hereinbefore indicated and that the property is free from all encumbrances and attachments whatsoever.

......dated ..... for Rs ........ issued by X Bank Ltd. P ayable in Calcutta.
Witnesses : Received
Signature of the mortgagor